Flooding in Ontario affects more than just infrastructure, it affects how people live.
In Toronto, an entire section of downtown is being transformed from the industrial Port Lands into a mixed-use, flood protection zone complete with condos and commercial space.
Learn more about flooding insurance here.
Meanwhile, a newly built school in Attawapiskat suffered a sprinkler system malfunction, flooding the building and closing it temporarily.
By the beginning of February, nearly 550 residents of Windsor, Tecumseh and Lakeshore applied for government disaster relief assistance for torrential rain that came down on the region in September 2016.
Now flood season is approaching again in the coming winter thaw and insurance companies are putting forward their products ahead of the tide.
The Commonwell’s Water Plus policy announced Monday covers, among other types of flooding, sewer back-up which isn’t covered by the government relief program.
Geocoding is used to analyse flood risks, The Commonwell said in a press release adding that policyholders in ‘low risk’ zone policyholders are provided with read-in limits at no charge.
The company’s Water Plus product gives ‘medium risk’ residents a $10,000 limit but ‘high risk’ residents aren’t eligible.
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“In Water Plus, we wanted to create a complete solution for flood coverage that would be accessible to as many customers as possible. The pinpoint accuracy of our geocoding system provides homeowners with an accurate assessment of their property’s flood risk and subsequent coverage options,” Tim Shauf, President and CEO of The Commonwell Mutual Insurance Group said in a press release.
“This endorsement is a seamless addition to existing eligible packages for policyholders in low and medium zones. The read-in approach also supports our broker and agent partners’ work-flows.”
The Co-Operators launched their flood insurance policy in Ontario back in September 2016 offering similar coverages.
In Alberta, The Co-Operators broke new ground by being the first to offer home insurance against overland flood in Canada.
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